Hotel Asset Management

Apertor sets itself apart from other hospitality advisory firms with an experienced team of professionals, each of whom has successfully operated through challenging economic environments. Our team possesses a unique and specialized understanding of the daily operating challenges inherent in hotel operations. They know what it takes to achieve the appropriate balance between guest service and profit maximization, while constantly assessing the impact of market conditions driven by current economic trends.

In an asset management role, Apertor’s objective is to act as an agent of the client to oversee daily operations and to optimize asset value. We accomplish this objective by reviewing and challenging all aspects of operations, recommending and implementing proven revenue enhancement and cost reduction strategies, analyzing and benchmarking productivity and staffing in both union and non-union environments, evaluating the regulatory climate for potential relief or assistance from state and local governments, and communicating regularly and effectively with our client.

We also keep in mind the client’s hold-period for the asset and how best to position the asset for a potential disposition. We will custom-tailor a work plan to meet the unique needs of the client, and stay intimately involved in day-to-day operations, endeavoring to maximize cash flow and protecting and enhancing asset value at every turn.

Apertor Hospitality, LLC ("Apertor") offers ApertorHospitality.com (the "Web Site"), including all information, tools and services available from this site, to you, the user, conditioned upon your acceptance of all the terms, conditions, policies and notices stated here. Your use of this site constitutes your agreement to these Terms of Use. The terms "you" and "User" refer to anyone who accesses the Web Site.

As you browse through the Web Site you may access other Web Sites that are subject to different terms of use. When you use those sites, you may be legally bound by the specific terms of use posted on such sites. If there is a conflict between these Terms of Use and those other terms of use, the other terms of use will govern with respect to use of such pages.

Subject to applicable laws and regulations, Apertor may change these Terms of Use at any time without notice. Changes will be posted at ApertorHospitality.com under "Terms of Use". Your use of the Web Site after any changes have been posted will constitute your agreement to the modified Terms of Use and all of the changes. Therefore, you should read these Terms of Use from time to time for changes.

1. USE OF THE WEB SITE.

Apertor grants you a non-exclusive, non-transferable, limited license to access and use the Web Site for the fees, if applicable, and under the terms set forth below.

The content of the Web Site made accessible by Apertor on the Web Site includes, but is not limited to, Apertor's opinions, text, data, reports, images, photos, graphics, graphs, charts, animations and video (collectively, the "Content").

The Content may be used only for personal and non-commercial use.

The Content includes:

Narrative Content made available on ApertorHospitality.com

The Web Site includes reports, publications and postings (collectively, “Narrative Content”) included under the Web Site’s “Research” tab or ApertorResearch.com The Web Site’s Narrative Content may not be altered, transmitted to, copied or distributed to any other party, without prior express written permission of the author and Apertor. You may not reproduce, distribute, transmit, disseminate, sell, publish, display, broadcast, circulate or forward any part of the Narrative Content to anyone, including but not limited to others in the same company or organization, without the express written consent of the author and Apertor. This requirement and limitation includes, but is not limited to, activities such as emailing, scanning, web site posting, downloading, printing, photocopying, and faxing. Authorized recipients may print a single copy, not multiple copies of the Narrative Content solely for your own personal use. No other copying of any kind is authorized. There will be no refunds after the Narrative Content is purchased. Additionally, you may not post Narrative Content from the Web Site to forums, newsgroups, list serves, mailing lists, electronic bulletin boards, or other Web Sites, without the prior written consent of Apertor.

The Content is the property of Apertor or its providers, and is protected by copyright and other intellectual property laws. All trade names, trademarks, service marks and other product and service names and logos on the Web Site and within the Content are proprietary to their respective owners and are protected by applicable trademark and copyright laws. Any of the trademarks, service marks or logos (collectively, the "Marks") displayed on the Web Site may be registered or unregistered marks of Apertor or others. Nothing contained on this Web Site should be construed as granting any license or right to use any of the Marks displayed on the Web Site without the express written permission of Apertor or a third party owner of such Marks. You shall honor all reasonable requests by Apertor to protect Apertor’s proprietary interests in the Apertor Web Site and the Content.

Illegal and unauthorized uses of the Marks or any other Content are strictly prohibited.

NOTE: Use of Content on this Web Site may be periodically monitored to assure compliance with these Terms of Use. Apertor reserves the right to discontinue access to this Web Site either with or without notice if Apertor has a reasonable basis to believe that a User is accessing or using Content in violation of these Terms of Use.

2. ANTI-HACKING PROVISION

You expressly agree not to:

use or attempt to use any "deep-link," "scraper," "robot”, "bot,” "spider," "data-mining," "computer code" or any other automated device, program, tool, algorithm, process, or methodology or manual process having similar processes or functionality, to access, acquire, copy, or monitor any portion of the Web Site, any data or Content found on or accessed through the Web Site or any Other Content without the prior express written consent of Apertor;

obtain or attempt to obtain through any means any materials or information on the Web Site that have not been intentionally made publicly available either by their public display on the Web Site or through their accessibility by a visible link on the Web Site;

violate the restrictions in any robot inclusion headers on this Web Site or in any way bypass or circumvent any other measure employed to limit or prevent access to the Web Site or its Content;

violate the security of the Web Site or attempt to gain unauthorized access to the Web Site, data, materials, information, computer systems or networks connected to any Apertor server, through hacking, password mining or any other means;

interfere or attempt to interfere with the proper working of the Web Site or any activities conducted on or through the Web Site, including accessing any data, content or other information prior to the time that it is intended to be available to the public on the Web Site;

take or attempt any action that, in the sole discretion of Apertor, imposes or may impose an unreasonable or disproportionately large load or burden on the Web Site or Apertor’s infrastructure.

3. REGISTRATION

As part of the registration process, you must select an email address and password and provide Apertor with accurate, complete, and updated information. Failure to do so constitutes a breach of this Agreement, which may result in immediate termination of your access. Please see our Privacy Policy for information regarding how this information will be used and maintained.

4. LIMITATION ON WARRANTIES AND LIABILITY

You are entirely liable for activities conducted by you or anyone else in connection with your browsing and use of the Web Site. If you are dissatisfied with the Web Site or with these Terms of Use, your sole and exclusive remedy is to stop using the Web Site. Neither Apertor nor any third party provider will pay you any damages in connection with your browsing or use of the Web Site.

Neither Apertor, nor its affiliates, nor their third party providers guarantee the accuracy, completeness, timeliness or availability of any information provided through this Web Site. Apertor, its affiliates or their third party providers and their directors, officers, shareholders, employees or agents are not responsible for any errors or omissions, regardless of the cause, or for the results obtained from the use of such information.

YOUR USE OF THE WEB SITE IS AT YOUR SOLE RISK. THE SITE IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. WE RESERVE THE RIGHT TO RESTRICT OR TERMINATE YOUR ACCESS TO THE SITE OR ANY FEATURE OR PART THEREOF AT ANY TIME. APERTOR EXPRESSLY DISCLAIMS ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND ANY WARRANTIES THAT MATERIALS ON THE SITE ARE NONINFRINGING, AS WELL AS WARRANTIES IMPLIED FROM A COURSE OF PERFORMANCE OR COURSE OF DEALING; THAT ACCESS TO THE SITE WILL BE UNINTERRUPTED OR ERROR-FREE; THAT THE SITE WILL BE SECURE; THAT THE SITE OR THE SERVER THAT MAKES THE SITE AVAILABLE WILL BE VIRUS-FREE; OR THAT INFORMATION ON THE SITE WILL BE COMPLETE, ACCURATE OR TIMELY. IF YOU DOWNLOAD ANY MATERIALS FROM THIS SITE, YOU DO SO AT YOUR OWN DISCRETION AND RISK. YOU WILL BE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR LOSS OF DATA THAT RESULTS FROM THE DOWNLOAD OF ANY SUCH MATERIALS.

IN NO EVENT SHALL APERTOR, ITS AFFILIATES OR THEIR THIRD PARTY PROVIDERS AND THEIR DIRECTORS, OFFICERS, SHAREHOLDERS, EMPLOYEES OR AGENTS BE LIABLE TO ANY PARTY FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING, WITHOUT LIMITATION, LOST INCOME OR LOST PROFITS AND OPPORTUNITY COSTS) IN CONNECTION WITH ANY USE OF SUCH INFORMATION EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

The Narrative Content published on the Web Site by Apertor, its affiliates and contractors, and the observations contained therein, are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or make any investment decisions. Apertor assumes no obligation to update any information following publication or posting to the Web Site. Users of the information provided through this Web Site should not rely on any of it in making any investment decision. Apertor’s opinions and analyses do not address the suitability of any security. Apertor does not act as a fiduciary or an investment advisor. While Apertor has obtained information from sources it believes to be reliable, Apertor does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.

Apertor may receive compensation for its research publications and analyses. Apertor reserves the right to disseminate its opinions and analyses.

5. INDEMNIFICATION

You agree to indemnify, defend and hold harmless Apertor and its affiliates and their officers, directors, employees, contractors, agents, licensors, service providers, subcontractors and suppliers from and against any and all losses, liabilities, expenses, damages and costs, including reasonable attorneys' fees and court costs, arising or resulting from your use of the Web Site and any violation of these Terms of Use. If you cause a technical disruption of the site or the systems transmitting the site to you or others, you agree to be responsible for any and all losses, liabilities, expenses, damages and costs, including reasonable attorneys' fees and court costs, arising or resulting from that disruption. Apertor reserves the right, at its own expense, to assume exclusive defense and control of any matter otherwise subject to indemnification by you and, in such case, you agree to cooperate with Apertor in the defense of such matter.

6. LINKS TO OTHER WEB SITES FROM THIS WEB SITE.

You may, through hypertext or other computer links, gain access to Web sites operated by persons other than Apertor. Such hyperlinks are provided for your reference and convenience only, and are the exclusive responsibility of such Web sites' owners. You agree that Apertor is not responsible for the content or operation of such Web sites, and that Apertor shall have no liability to you or any other person or entity for the use of third party Web sites. Except as described below, a hyperlink from this Web Site to another Web site does not imply or mean that Apertor endorses the content on that Web site or the operator or operations of that site. You are solely responsible for determining the extent to which you may use any content at any other Web sites to which you link from this Web Site. Apertor assumes no responsibility for the use of third party software on the Web Site and shall have no liability whatsoever to any person or entity for the accuracy or completeness of any outcome generated by such software.

7. TIMELINESS OF CONTENT

The Content displayed on the Web Site, including, but not limited to, reports and other opinions, is current as of the date appearing on the report and is subject to change without notice. Apertor does not guarantee or warrant the accuracy, timeliness, or completeness of any Content you access using the Web Site, and assumes no obligation to update any information following publication.

8. ADDITIONAL LEGAL TERMS

Subject to applicable laws and regulations, Apertor may discontinue or change the Apertor Web Site, or its availability to you, at any time. The terms of this Agreement will survive any such discontinuation.

This Agreement constitutes the entire agreement between the parties relating to the Web Site and supersedes any and all other agreements, oral or in writing, with respect to the Web Site. The failure of Apertor to insist upon strict compliance with any term of this Agreement shall not be construed as a waiver with regard to any subsequent failure to comply with such term or provision. This Agreement is personal to you, and you may not assign your rights or obligations to anyone. If any provision in this Agreement is invalid or unenforceable under applicable law, the remaining provisions will continue in full force and effect. This Agreement, your rights and obligations, and all actions contemplated by this Agreement shall be governed by the laws of the United States of America and the State of New York. The parties agree that the State and Federal courts of New York shall be the exclusive forums for any dispute arising out of this Agreement and the parties hereby consent to the personal jurisdiction of such courts.

PRIVACY POLICY

We recognize that privacy is an important issue and have developed this Privacy Policy ("Policy") to explain Apertor Hospitality, LLC’s ("Apertor") practices regarding the personal information it collects when you visit this site. Please read this Policy carefully before submitting personal information about you to us.

Collecting information

Users requesting information about Apertor's products and services may be required to provide contact information including (but not limited to) their name, company, title, phone number, email address and general profile information to help Apertor direct their requests.

Security

Apertor uses secure socket layer (SSL) encryption to help keep personal information (information that can be directly associated with a specific person such as name or address), you provide to us on our web site secure.

Using information

Apertor uses the information you provide to respond to your requests by email, phone or mail. Apertor may also use this information for future marketing and service notification correspondence unless you request the information to be used only to answer this specific information request.

Sharing information

Apertor will never sell, rent, or otherwise provide personal information obtained from the Apertor's research access portal to any third parties for marketing purposes.

Cookies & log files

Apertor may use cookies during research access registration and to improve online functionality and user experience. We maintain log files to track activities and usage of the research portal primarily to detect attempts to circumvent the system and for statistical analysis of system usage. We do not gather, request, record, require, collect or track any your personal information through these processes. Because non-personal information does not personally identify you, we may use or disclose such information for any purpose.

Children's privacy

This web site is not directed to individuals under the age of eighteen and we do not knowingly collect personal information from individuals under the age of eighteen on the site. If we become aware that we have inadvertently received personal information from a visitor under the age of eighteen on the site, we will delete the information from our records.

Third party sites

The apertorhospitality.com site may contain links to third party web sites associated or not associated with Apertor. Apertor is not responsible for the privacy practices or content of such sites. If you provide information on third party sites, the privacy policy and terms of service on those sites are applicable. You will need to review the policy statements of these sites to understand their privacy policies.

Information we share

It is possible that we may need to disclose personal information when required by law. We will disclose such information wherein we have a good-faith belief that it is necessary to comply with a court order, ongoing judicial proceeding, or other legal process served on our company or to exercise our legal rights or defend against legal claims.

We reserve the right to transfer any information we have about you in the event we sell or transfer all or a portion of our business or assets. Should such a sale or transfer occur, we will use reasonable efforts to direct the transferee to use personal information you have provided through this web site in a manner that is consistent with this Policy.

Removing personal information

You may request that Apertor remove all personal information provided to the web site by sending us an email. Within five business days, Apertor will remove your personally identifiable information from our database.

Choice/Opt-out

We provide you the opportunity to ‘opt-out’ of having your personally identifiable information used for certain purposes, when we ask for this information. If you no longer wish to receive email communications from Apertor, you may opt-out of receiving it by following the instructions included in each communication or by emailing us.

Changing the Policy

Apertor may update this Policy periodically. If we make any significant changes in the way we treat your personal information, we will send a notice to the primary email address specified in your information request.